Money decreed to be "legal tender" for the payment of debts is money backed by

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Legal tender is money that is recognized by law as acceptable for the payment of debts. This means that creditors are required to accept legal tender as payment for a debt. The backing for legal tender can come from different sources, but in modern times, it is usually based on government creditworthiness. This means that the government can ensure the value of the money by using its power to tax or regulate the supply of money in circulation. Precious metals were historically used as backing for money, but this is no longer the case in most countries. Commodities such as rice, wheat, or other goods can also be used as backing for money, but this is not a common practice either.

Money Decreed to Be "Legal Tender" for the Payment